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e-Auction

Fun of selling with the reversing quote process

Online auction or e-Auction is no more a new term and is being used for selling products online by offering attractive competition among bidders. Online auction is one of the best ways to find the buyers for retiring products too. Closely related to e-commerce, e-Auction exhibits many similar properties like shopping cart, online payment and other shipping online processes. With a flexibility of quoting one’s own price always makes a buyer happy which results a deep buying satisfaction.

Briskon’s e-Auction is an online e-Auction software framework providing end-to-end solution for online auctioning. The platform allows a seller to create its exclusive product stores for prospective buyers (bidders). Pre registration and validation of sellers and buyers ensure quality auction. Through our feature-rich platform seller can invite bidders, provide sample of material and supply the product as per seller requirement. The platform can further be used as an e-commerce platform to sell the products.

e-Auction is next big wave for online stores. Take the advantage of early mover in setting auction for your products.
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e-Auction features

User management and user types:
The system has following hierarchy of users:
  • Super administrator – overall administrators of the organization
  • Administrators – administrators of a group of editors/general users
  • Editors – users who can create/modify and upload content
  • General users – users who can access content.
  • Buyers
  • Sellers
Content management:
Content creation and modification. Content can be any of the following:
  • Text
  • Images and graphics
  • Videos
Bidding options:
  • Opening bid – the level the first bid in the auction starts
  • My bids – bidders can see instantly their position for all lots they are bidding on.
  • Increments - an increment is an increase of a fixed amount. With regards to auctions, an increment is the minimum increase to the current price one needs to bid.
  • Decrements- a decrement is a decrease of a fixed amount. In descending auctions the price is progressively lowered in decrements. A decrement is the opposite of an increment.
  • Winning/losing indicators – graphical display of the users current position
  • Bid increments – the minimum bid that must be placed to increase the bidding
  • Set start and end date and time for lot
Real time alerts:
The system has an emailing messaging engine which will alert and notify the users covering the following instances:
  • Confirmation bids have been placed
  • When they have been outbid
  • Confirmation of auto bids
  • Bidding remains below reserve
  • Registration confirmation
  • Admin is copied in to any or all of these emails depending upon preferences set.
Search engine:
The engine allows the users to search by a number of ways, few examples could be:
  • Search for category of products
  • Search for a solutions
  • Search for lot sizes of a product
  • Search for offers and the corresponding attributes of an offer like – minimum quantity, bid amount etc.
Matching engine:
The matching engine is one the central components in the overall auction portal system. The purpose of the matching engine is to:
  • Hold the list of valid categories on which the products can be created
  • Hold the list of valid products that can be traded system.
  • Validate incoming orders against preset business rules
  • Manage the trading sessions
  • Manage the holidays
  • Provide various types of order matching algorithms
  • Generate the broadcast feed for confirmed orders and trades
  • Provide audit trails
MIS reports